Mike Wallace is a Miami Dolphin

MIke Wallace and the Dolphins have agreed to a five-year contract that will pay him between $60 and $65 million if he meets all its incentives.

The contract includes a substantial amount of guaranteed money. Although that figure is not yet known, it will be approximately $30 million.

Wallace will be the third-highest paid wide receiver in the NFL behind Calvin Johnson and Larry Fitzgerald, according to a person familiar with the deal.

The contract is not yet signed. Indeed, the Dolphins are privately denying that it is done. But Wallace is in South Florida and taking a physical and could sign the deal if he passes, as expected. He will sign the deal this evening.

The Dolphins have been making press conference plans but that will likely happen Wednesday.

Wallace is the deep-threat receiver the Dolphins have lacked since Jeff Ireland became the general manager. Frankly, the Dolphins haven't had a similar deep-threat weapon since Irving Fryar played for the team in the mid 1990s.

The Dolphins are not finished revamping their offense, and specifically their passing game.

The club is deep into negotiation for bringing former Tennessee tight end Jared Cook to the team. Cook is the seam-threat player the team wanted but could get from Michael Egnew and Charles Clay.

Cook, however, is also negotiating with the St. Louis Rams.

Interestingly, Rams free agent wide receiver Brandon Gibson remains an option in Miami, particularly if Cook does not sign. The Herald's Adam Beasley is reporting Gibson will visit the New York Jets.